Over the past decade, the global refining business has been
through a roller-coaster of events. The golden age of refining
that started 10 years ago did not last very long. It was
immediately followed by economic uncertainty created through a
global financial crisis and European debt crisis, which further
delayed economic recovery. However, oil demand growth in Asia
remained resilient throughout this period. Despite strong oil
demand growth prospects, there are some headwinds for the Asian
refining industry over the next few years due to the rapid
developments in the other regions. These developments will
collectively change the global refining landscape.

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